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Iran, Russia to launch joint bank

Business Materials 22 September 2014 16:31 (UTC +04:00)
Tehran and Moscow plan to launch a joint bank in near future

Tehran, Iran, Sept. 22

By Milad Fashtami - Trend:

Tehran and Moscow plan to launch a joint bank in near future.

Head of Tehran Chamber of Commerce Yahya Al-e Es'haq said on September 22 that bank would facilitate money transfers, Iran's ISNA News Agency reported.

"The Iranian and Russian businesspersons can use domestic LCs in the short term, until the joint bank starts its work," the official said.

"Western sanctions imposed on Russia have created a great opportunity for Iranian goods to enter Russian market," he said. "The Russians have informed us about the items they need to import," Al-e Es'haq explained.

Iran's Agricultural Jihad Ministry announced last week that it is studying Russia's request to import Iranian agricultural products.

The Russians have reportedly requested for exporting 60 items from Iran. The request follows Moscow's decision to put ban on most agricultural imports from many countries including the European Union countries, the United States, and Canada.

Russia put the ban I retaliation of the European Union and the United States' economic penalties on Moscow, for its alleged backing of pro-Moscow separatists fighting Ukrainian government forces in eastern regions.

During the Russian delegation's visit to Tehran previous week, the country officially requested Tehran to increase its agricultural exports to Moscow in order to meet the country's domestic demands.

Iran now says is considering the request since some of the listed items such as bananas, pineapples, and coffee are not being produced in Iran.

Moreover, Iran's water crisis is also another obstacle in increasing agricultural products' output.

Russian energy minister said on September 10 that Moscow is willing to import necessary goods from Iran, while exporting Tehran's needed items to the county.

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